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Synex International, Inc. (SYITF) delivers renewable energy solutions through hydroelectric and wind power projects across North America. This news hub provides investors and industry stakeholders with essential updates on corporate developments, financial performance, and clean energy initiatives.
Access timely press releases covering earnings reports, regulatory filings, and operational milestones. Our curated collection includes updates on hydro facility expansions, wind power licenses, and engineering service contracts that demonstrate Synex's technical expertise in sustainable energy.
Key content categories include quarterly financial results, project commissioning announcements, strategic partnerships, and environmental compliance updates. Bookmark this page to monitor Synex's progress in developing run-of-river hydro projects and expanding its renewable energy portfolio.
Synex Renewable Energy has announced a definitive agreement to be acquired by Sitka Power Inc. for C$2.40 per share in cash, representing an enterprise value of approximately C$25.2 million. The transaction offers a 58% premium to the 20-day volume weighted average price as of March 27, 2025.
The deal, unanimously approved by Synex's Board of Directors, will be implemented through a statutory plan of arrangement. All directors and officers, holding approximately 67% of outstanding shares, have agreed to vote in favor of the transaction.
The acquisition requires approval from two-thirds of shareholders, regulatory clearances from British Columbia Hydro and Power Authority and the BC Utilities Commission. The agreement includes a C$600,000 termination fee and will result in Synex's delisting from TSX upon completion.
Synex Renewable Energy (TSX: SXI) reported financial results for Q2 2025 (ended December 31, 2024). Revenue increased to $1,222,392 from $972,718 in Q2 2024, with electricity sales rising to $1,196,925 from $958,446, driven by increased precipitation and a rate increase for Kyuquot Utility. Net profit grew to $153,867 from $83,663 year-over-year.
The company invested $767,722 in developing investigative wind licenses at Sea Breeze Power Corp. As of December 31, 2024, Synex had an unrestricted cash balance of $271,105, restricted cash of $730,770, and a term deposit of $230,000. Total loan principal outstanding was $12,957,878.
The company also announced the appointment of Majed Masad, co-founder of Mejuri, to its Board of Directors.
Synex Renewable Energy (TSX: SXI) announced the resignation of director Murray Margolis, effective January 29, 2025. Margolis, who joined the company's board in 2023, is stepping down to focus on other commitments. CEO Daniel J. Russell expressed appreciation for Margolis's contributions during his tenure as a board member.
Synex Renewable Energy (TSX: SXI) announced the resignation of director Adarsh Mehta effective January 20, 2025. Mehta, who joined the company's board in 2020 and served on the audit committee, leaves after approximately five years of service. The board expressed gratitude for Mehta's contributions during her tenure.
Synex Renewable Energy held its annual general meeting on December 6, 2024, with shareholders approving all proposed resolutions. The meeting resulted in the election of six directors, with all management nominees receiving strong support ranging from 93.33% to 99.80% of votes. Dale Matheson Carr-Hilton Labonte LLP was appointed as auditors with 99.80% approval.
The company operates in renewable energy development in Canada, owning 12 MW of hydro projects in British Columbia and Kyuquot Power Additionally, Synex has 9.4 MW of construction-ready run-of-river projects, applications for 150 MW capacity across 24 potential hydroelectric sites, and 16 wind development sites with potential for 4,700 MW of clean power.
Synex Renewable Energy reported financial results for Q1 2025 (ended September 30, 2024). Revenue increased to $209,945 from $139,085 in Q1 2024, with electricity sales rising to $78,600 from $11,096. The company reduced its net loss to $368,785 from $745,899 year-over-year. The company invested $701,229 in wind license development at Sea Breeze Power Corp. Cash position improved to $274,326 from $117,362 in June 2024, supported by a short-term loan from Russell Industries Corp. Total loan principal outstanding was $13,041,482.
Synex Renewable Energy (TSX: SXI) has completed a non-brokered private placement financing, issuing 308,988 common shares at $1.78 per share, raising gross proceeds of $549,998.64. The company plans to use the funds for working capital and general corporate purposes. The issued shares are subject to a four-month hold period.
The offering involved insiders and is considered a 'related party transaction' under MI 61-101. Synex is relying on exemptions from formal valuation and minority shareholder approval requirements. Daniel J. Russell, through a controlled entity, purchased 293,371 shares for $522,200.38, increasing his ownership to 62.25% of outstanding shares on a partially diluted basis.
Synex Renewable Energy (TSX: SXI) announced the closing of its previously disclosed sale of the Bouleau Mountain Wind Project in British Columbia, Canada. The transaction, executed through its subsidiary Sea Breeze Power Corp., has a purchase price of approximately $4.7 million, contingent on securing an electricity purchase agreement (EPA), plus a 1% royalty on the project's gross revenue.
Upon closing, the buyer made an initial cash payment of $400,000. The remaining balance will be paid as the project reaches specific milestones, including obtaining an EPA with BC Hydro and commencing commercial operations. The project has been submitted to the BC Hydro Call for Power 2024 RFP, with expectations of achieving commercial operations within the next four to seven years.
Synex Renewable Energy (TSX: SXI) has released its financial results for Q4 2024, ending June 30, 2024. The company reported a decrease in revenue to $643,194 from $713,649 in Q4 2023. Electricity sales dropped to $584,140, down from $731,698 in the previous year, primarily due to lower precipitation. The company recorded a net loss of $482,192, compared to a $209,980 loss in Q4 2023, mainly attributed to reduced power generation caused by unfavorable weather conditions.
Synex invested $648,566 in developing investigative wind licenses at Sea Breeze Power Corp. The company's unrestricted cash balance decreased to $117,362 from $318,663 year-over-year, largely due to fixed asset upgrades and maintenance work. Total loan principal outstanding was $13,080,196 as of June 30, 2024, down from $13,715,388 the previous year.
Synex Renewable Energy (TSX: SXI) has announced the sale of its Bouleau Mountain Wind Project in British Columbia, Canada, through its subsidiary Sea Breeze Power Corp. The project will be sold to a leading renewable energy company for approximately $4.7 million, subject to an electricity purchase agreement (EPA) with BC Hydro, plus a 1% royalty on gross revenue.
The transaction includes an initial payment of $0.4 million upon closing, with the remaining balance paid as the project achieves specific milestones. Synex expects the deal to close in Q3 2024, subject to regulatory approvals. This sale is part of Synex's strategic review to enhance shareholder value and showcases the potential of their wind license portfolio acquired in 2021.
